1Life Healthcare, Inc. (One Medical) (Nasdaq: ONEM) today announced
financial results for the first quarter ended March 31, 2020.
“Our One Medical model has demonstrated that it performs in both
ordinary and extraordinary times. We have extended our digital
solutions, expanded in-person care and testing services, grown our
geographic reach, added more members and enterprise relationships,
advanced our health network partnerships, and launched our worksite
re-entry program,” said Amir Dan Rubin, Chair
& CEO & President of One Medical. “Our team has engaged
with hundreds of thousands of members digitally, arranged for
COVID-19 testing services, donned PPE to deliver care, conducted
video chats and remote visits, and followed up with patients on
test results and subsequent care needs.”
Financial Highlights for the First Quarter
2020
“We are in a unique time to demonstrate the power of our model,
accelerating our membership growth, increasing brand loyalty and
driving diverse product adoption. We ended Q1 with $375.4 million
of cash and short-term marketable securities and only $2.2 million
of debt,” said Bjorn Thaler, CFO of One Medical.
“Our robust Balance Sheet supports our continued, responsible
investment in our growing membership base. With our current
momentum, we are pleased to raise our 2020 ending membership guide,
as we now expect to end the year with between 500,000 and 515,000
members.”
All comparisons, unless otherwise noted, are to the three months
ended March 31, 2019.
- Membership count as of quarter-end was approximately 455,000
compared to approximately 364,000, a 25% increase.
- Net Revenue was $78.8 million compared to $63.0 million, a 25%
increase.
- Care Margin was $27.2 million, or 35% of total net revenue;
Loss from Operations was $29.0 million, or 37% of total net
revenue.
- Adjusted EBITDA was a loss of $13.5 million, or 17% of total
net revenue; Net Loss was $34.6 million, or 44% of total net
revenue.
- Cash and Short-term Marketable Securities as of quarter-end
were $375.4 million.
- Debt as of quarter-end was $2.2 million.
Financial Outlook
One Medical provides forward-looking guidance on membership
count, total net revenue, care margin, and adjusted EBITDA. Care
margin and adjusted EBITDA are non-GAAP measures.
For the second quarter of 2020, we expect:
- Ending Membership count between 465,000 to 475,000,
- Total Net Revenue between $56.0 million and $66.0 million,
- Care Margin between $1.0 million and $11.0 million, and,
- Adjusted EBITDA between a loss of $36.0 million and a loss of
$26.0 million.
For the full year of 2020, we expect:
- Ending Membership count between 500,000 to 515,000, an increase
to our previous guidance of 495,000 to 510,000 ending membership
count.
Management has not provided revenue, care margin, or adjusted
EBITDA guidance for 2020 because of uncertainties around the
duration and extent of the continued COVID-19 pandemic and related
community self-isolation practices and any impact that these two
items may have on the company’s financial performance for full year
2020.
Management has not reconciled forward-looking
non-GAAP care margin and adjusted EBITDA to their most directly
comparable GAAP measures of loss from operations and net loss,
respectively. This is because we cannot predict with reasonable
certainty the ultimate outcome of certain GAAP components of such
reconciliations, including market-related assumptions that are not
within our control, or others that may arise, without unreasonable
effort. For these reasons, we are unable to assess the probable
significance of the unavailable information, which could materially
impact the amount of the future directly comparable GAAP measures.
See below for additional important disclosures regarding our
non-GAAP financial measures.
Quarterly Conference Call Details
The company will host a conference call to review the results
today, Wednesday, May 13, 2020 at 2:00 p.m. (PT) / 5:00 p.m. (ET)
to discuss its financial results. A live audio webcast and a
supplemental presentation will be available online at
https://investor.onemedical.com. The conference call can also be
accessed by dialing 1-800-258-1651 for U.S. participants, or
1-612-979-9928 for international participants, and referencing
conference ID 7759975. A replay of the call will be available via
webcast for on-demand listening shortly after the completion of the
call, at the same web link, and will remain available for
approximately 90 days.
Key Metrics and Non-GAAP Financial Measures
Members: a member is a person who has paid for
membership themselves or an employee or dependent whose membership
has been paid for by an enterprise client and who has registered
with us. Members help drive membership revenue, partnership revenue
and patient service revenue. While the COVID-19 pandemic and
related governmental and community responses have negatively
impacted our ability to generate revenue from our members compared
to prior periods, we believe growth in the number of members
remains a key indicator of the performance of our business. Our
Membership depends, in part, on our ability to successfully market
our services directly to consumers and to employers that are not
yet enterprise clients and our activation rate within existing
clients. While growth in the number of members is an important
indicator of expected revenue growth, it also informs our
management of the areas of our business that will require further
investment to support expected future member growth.
Reconciliations of non-GAAP financial measures to the most
directly comparable financial results as determined in accordance
with GAAP are included at the end of this press release following
the accompanying financial data. We believe that these non-GAAP
financial measures, when taken together with the corresponding GAAP
financial measures, provide meaningful supplemental information
regarding our performance by excluding certain items that may not
be indicative of our business, results of operations, or outlook.
However, non-GAAP financial information is presented for
supplemental informational purposes only, has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. In addition, other companies, including companies in our
industry, may calculate similarly-titled non-GAAP measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison.
Care Margin: we define care margin as loss from
operations excluding depreciation and amortization, general and
administrative expense and sales and marketing expense. We consider
care margin to be an important measure to monitor our performance,
specific to the direct costs of delivering care. We believe this
margin is useful to measure whether we are controlling our direct
expenses included in the provision of care sufficiently and whether
we are effectively pricing our services. We have provided below a
reconciliation of historical care margin to loss from operations,
its most directly comparable GAAP financial measure.
Adjusted EBITDA: we define adjusted EBITDA as
net loss excluding interest income, interest expense, depreciation
and amortization, stock-based compensation, change in the fair
value of our redeemable convertible preferred stock warrant
liability and provision for income taxes. We report adjusted EBITDA
because it is an important measure upon which our management
assesses and believes investors should assess our operating
performance. We consider adjusted EBITDA to be an important measure
because it helps illustrate underlying trends in our business and
our historical operating performance on a more consistent basis. We
have provided below a reconciliation of historical adjusted EBITDA
to net loss, its most directly comparable GAAP financial
measure.
Available Information
One Medical intends to use its Company website (including its
Investor Relations website) as well as its Facebook, Twitter and
LinkedIn accounts as a means of disclosing material non-public
information and for complying with its disclosure obligations under
Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements about us
and our industry that involve substantial risks and uncertainties
and are based on our beliefs and assumptions and on information
currently available to us. All statements other than statements of
historical facts contained in this press release, including
statements regarding our future results of operations, financial
condition, business strategy and plans and objectives of management
for future operations, are forward-looking statements. In some
cases, you can identify forward-looking statements because they
contain words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “will,” or “would,” or the negative of these
words or other similar terms or expressions.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Forward-looking statements
represent our beliefs and assumptions only as of the date of this
release. These statements, and related risks, uncertainties,
factors and assumptions, include, but are not limited to: the
strength of the One Medical brand; member satisfaction with our
services and support; the effects of the COVID-19 pandemic and
related self-isolation and quarantine measures on our business,
revenue, future growth and results of operations; anticipated
membership growth and revenue potential from our members; our
ability to retain members; our ability to successfully introduce
and drive adoption of new products; changes in the pricing we offer
our members; our relationships with our health network partners and
enterprise clients and any changes to, accommodations in or
terminations of our contracts with the health network partners or
enterprise clients; our ability to improve cost of care and
margins, including timing and expenses of new office openings and
entry into new geographic markets; changes in laws or regulations;
our involvement in litigation, including medical malpractice claims
and consumer class actions; any governmental investigations or
inquiries into or challenges to our relationships with the One
Medical PCs under the administrative services agreements; our
strategic plan; our financial outlook for the second quarter of
2020; our focus areas for investment and our investments; and our
overall business trajectory. These risks are not exhaustive.
Except as required by law, we assume no obligation to update these
forward-looking statements, or to update the reasons actual results
could differ materially from those anticipated in the
forward-looking statements, even if new information becomes
available in the future. Further information on factors that could
cause actual results to differ materially from the results
anticipated by our forward-looking statements is included in the
reports we have filed or will file with the Securities and Exchange
Commission, including our Quarterly Report on Form 10-Q for the
Quarter ended March 31, 2020. These filings, when available, are
available on the investor relations section of our website at
investor.onemedical.com and on the SEC’s website at
www.sec.gov.
About One Medical
One Medical is a membership-based and technology-powered primary
care platform with seamless digital health and inviting in-office
care, convenient to where people work, shop, live, and click. Our
vision is to delight millions of members with better health and
better care while reducing costs. Our mission is to transform
health care for all through our human-centered, technology-powered
model.
Headquartered in San Francisco, 1Life Healthcare, Inc. is the
administrative and managerial services company for the affiliated
One Medical physician owned professional corporations that deliver
medical services in-office and virtually. 1Life and the One Medical
entities do business under the “One Medical” brand.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ad43f02-44ce-44cb-8fc7-303c2251ee4f
Investor Contacts:Rose Salzwedel, One
MedicalDirector of Investor
Relationsinvestor@onemedical.com (206) 331-2211
WestwickeBob East or Asher Dewhurst(443)
223-0500onemedical@westwicke.com
Media Contact:Kristina Skinner, One
MedicalDirector of External
Communicationspress@onemedical.com (650) 743-5187
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Amounts in thousands, except share and
per share amounts)(Unaudited)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
78,756 |
|
|
$ |
63,010 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of care, exclusive of depreciation and amortization |
|
|
51,550 |
|
|
|
37,780 |
|
shown separately below |
Sales and marketing (1) |
|
|
11,155 |
|
|
|
8,275 |
|
General and administrative (1) |
|
|
39,866 |
|
|
|
22,419 |
|
Depreciation and amortization |
|
|
5,213 |
|
|
|
2,699 |
|
Total operating expenses |
|
|
107,784 |
|
|
|
71,173 |
|
Loss from
operations |
|
|
(29,028 |
) |
|
|
(8,163 |
) |
Other income
(expense), net: |
|
|
|
|
|
|
|
|
Interest income |
|
|
1,035 |
|
|
|
1,347 |
|
Interest expense |
|
|
(54 |
) |
|
|
(155 |
) |
Change in fair value of redeemable convertible preferred |
|
|
(6,560 |
) |
|
|
(63 |
) |
stock warrant liability |
Total other income (expense), net |
|
|
(5,579 |
) |
|
|
1,129 |
|
Loss before
income taxes |
|
|
(34,607 |
) |
|
|
(7,034 |
) |
Provision
(benefit) for income taxes |
|
|
(49 |
) |
|
|
10 |
|
Net
loss |
|
|
(34,558 |
) |
|
|
(7,044 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(704 |
) |
|
|
(374 |
) |
Net loss
attributable to 1Life Healthcare, Inc. stockholders |
|
$ |
(33,854 |
) |
|
$ |
(6,670 |
) |
Net loss per
share attributable to 1Life Healthcare, Inc. |
|
$ |
(0.40 |
) |
|
$ |
(0.37 |
) |
stockholders
— basic and diluted |
Weighted
average common shares outstanding — basic and |
|
|
84,884,066 |
|
|
|
18,204,715 |
|
diluted |
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation, as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Sales and
marketing |
|
$ |
600 |
|
|
$ |
311 |
|
General and
administrative |
|
|
9,725 |
|
|
|
2,643 |
|
Total |
|
$ |
10,325 |
|
|
$ |
2,954 |
|
|
|
|
|
|
|
|
|
|
Components of Net Revenue: |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Net
revenue: |
|
|
|
|
|
|
|
|
Net patient service revenue |
|
$ |
34,086 |
|
|
$ |
33,546 |
|
Partnership revenue |
|
|
29,455 |
|
|
|
17,458 |
|
Total net patient service and partnership revenue |
|
|
63,541 |
|
|
|
51,004 |
|
Membership revenue |
|
|
15,215 |
|
|
|
12,006 |
|
Net
revenue |
|
$ |
78,756 |
|
|
$ |
63,010 |
|
|
|
|
|
|
|
|
|
|
Statements of Operations Data as a Percentage of Net
Revenue:
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Net revenue |
|
|
100 |
% |
|
|
100 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of care, exclusive of depreciation and amortization |
|
|
65 |
% |
|
|
60 |
% |
shown separately below |
Sales and marketing (1) |
|
|
14 |
% |
|
|
13 |
% |
General and administrative (1) |
|
|
51 |
% |
|
|
36 |
% |
Depreciation and amortization |
|
|
7 |
% |
|
|
4 |
% |
Total operating expenses |
|
|
137 |
% |
|
|
113 |
% |
Loss from
operations |
|
|
-37 |
% |
|
|
-13 |
% |
Other income
(expense), net: |
|
|
|
|
|
|
|
|
Interest income |
|
|
1 |
% |
|
|
2 |
% |
Interest expense |
|
|
0 |
% |
|
|
0 |
% |
Change in fair value of redeemable convertible preferred |
|
|
-8 |
% |
|
|
0 |
% |
stock warrant liability |
Total other income (expense), net |
|
|
-7 |
% |
|
|
2 |
% |
Loss before
income taxes |
|
|
-44 |
% |
|
|
-11 |
% |
Provision
(benefit) for income taxes |
|
|
0 |
% |
|
|
0 |
% |
Net
loss |
|
|
-44 |
% |
|
|
-11 |
% |
Less: Net loss attributable to noncontrolling interests |
|
|
-1 |
% |
|
|
0 |
% |
Net loss
attributable to 1Life Healthcare, Inc. stockholders |
|
|
-43 |
% |
|
|
-11 |
% |
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation, as follows:
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Sales and marketing |
|
|
1 |
% |
|
|
1 |
% |
General and
administrative |
|
|
12 |
% |
|
|
4 |
% |
Total |
|
|
13 |
% |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
Components of Net Revenue:
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Net revenue: |
|
|
|
|
|
|
|
|
Net patient service revenue |
|
|
43 |
% |
|
|
53 |
% |
Partnership revenue |
|
|
37 |
% |
|
|
28 |
% |
Total net patient service and partnership revenue |
|
|
81 |
% |
|
|
81 |
% |
Membership revenue |
|
|
19 |
% |
|
|
19 |
% |
Net
revenue |
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
*Percentages may not sum due to rounding.
CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands,
except share
amounts)(Unaudited)
|
|
March 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
309,647 |
|
|
$ |
27,390 |
|
Short-term marketable securities |
|
|
65,784 |
|
|
|
119,146 |
|
Accounts receivable, net |
|
|
42,826 |
|
|
|
33,601 |
|
Inventories |
|
|
3,694 |
|
|
|
3,192 |
|
Prepaid expenses and other current assets |
|
|
22,370 |
|
|
|
16,708 |
|
Total current assets |
|
|
444,321 |
|
|
|
200,037 |
|
Restricted cash |
|
|
1,922 |
|
|
|
1,922 |
|
Property and equipment, net |
|
|
103,500 |
|
|
|
90,716 |
|
Right-of-use assets |
|
|
128,476 |
|
|
|
108,046 |
|
Intangible assets, net |
|
|
— |
|
|
|
23 |
|
Goodwill |
|
|
21,301 |
|
|
|
21,301 |
|
Other assets |
|
|
4,854 |
|
|
|
8,249 |
|
Total assets |
|
$ |
704,374 |
|
|
$ |
430,294 |
|
Liabilities, Redeemable Convertible Preferred Stock and
Equity (Deficit) |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
9,263 |
|
|
|
13,853 |
|
Accrued expenses |
|
|
24,921 |
|
|
|
24,863 |
|
Deferred revenue |
|
|
39,463 |
|
|
|
27,024 |
|
Operating lease liabilities, current |
|
|
14,457 |
|
|
|
12,575 |
|
Notes payable, current |
|
|
2,191 |
|
|
|
3,282 |
|
Other current liabilities |
|
|
2,393 |
|
|
|
1,884 |
|
Total current liabilities |
|
|
92,688 |
|
|
|
83,481 |
|
Operating
lease liabilities, non-current |
|
|
143,248 |
|
|
|
120,497 |
|
Redeemable
convertible preferred stock warrant liability |
|
|
— |
|
|
|
7,220 |
|
Other
non-current liabilities |
|
|
627 |
|
|
|
639 |
|
Total liabilities |
|
|
236,563 |
|
|
|
211,837 |
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
Redeemable
convertible preferred stock (Series A, B, C, D, E, F, G, H and
I), |
|
|
— |
|
|
|
402,488 |
|
$0.001 par value; 0 and 89,338,425 shares authorized as of
March 31, 2020 and December 31, 2019, respectively; 0 and
86,251,669 shares issued and outstanding as of March 31, 2020 and
December 31, 2019, respectively; aggregate liquidation preference
of $0 and $405,585 as of March 31, 2020 and December 31, 2019,
respectively |
Equity
(deficit): |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares
and 0 shares authorized as of March 31, 2020 and
December 31, 2019, respectively; 0 shares issued and
outstanding as of March 31, 2020 and
December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 1,000,000,000 and 150,000,000
shares authorized as of March 31, 2020 and December 31, 2019,
respectively; 126,102,772 and 18,951,416 shares issued and
outstanding as of March 31, 2020 and December 31, 2019,
respectively |
|
|
126 |
|
|
|
19 |
|
Additional paid-in capital |
|
|
780,194 |
|
|
|
93,945 |
|
Accumulated deficit |
|
|
(314,922 |
) |
|
|
(281,068 |
) |
Accumulated other comprehensive income |
|
|
82 |
|
|
|
38 |
|
Total stockholders' equity (deficit) attributable to 1Life
Healthcare, Inc. |
|
|
465,480 |
|
|
|
(187,066 |
) |
stockholders' |
Noncontrolling interests |
|
|
2,331 |
|
|
|
3,035 |
|
Total equity (deficit) |
|
|
467,811 |
|
|
|
(184,031 |
) |
Total liabilities, redeemable convertible preferred stock and
equity (deficit) |
|
$ |
704,374 |
|
|
$ |
430,294 |
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Amounts in
thousands)(Unaudited)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(34,558 |
) |
|
$ |
(7,044 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Provision for bad debts |
|
|
150 |
|
|
|
- |
|
Depreciation and amortization |
|
|
5,213 |
|
|
|
2,699 |
|
Accretion of discounts and amortization of premiums on short-term
marketable securities, net |
|
|
(298 |
) |
|
|
(1,118 |
) |
Change in fair value of redeemable convertible preferred stock
warrant liability |
|
|
6,560 |
|
|
|
63 |
|
Amortization of right-of-use assets |
|
|
3,177 |
|
|
|
2,358 |
|
Stock-based compensation |
|
|
10,325 |
|
|
|
2,954 |
|
Other non-cash items |
|
|
(1 |
) |
|
|
37 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(9,375 |
) |
|
|
(9,044 |
) |
Inventories |
|
|
(502 |
) |
|
|
248 |
|
Prepaid expenses and other current assets |
|
|
(2,225 |
) |
|
|
(3,186 |
) |
Other assets |
|
|
(232 |
) |
|
|
(298 |
) |
Accounts payable |
|
|
(4,022 |
) |
|
|
1,661 |
|
Accrued expenses |
|
|
2,552 |
|
|
|
(3,479 |
) |
Deferred revenue |
|
|
12,439 |
|
|
|
4,420 |
|
Operating lease liabilities |
|
|
(2,411 |
) |
|
|
(1,831 |
) |
Other liabilities |
|
|
508 |
|
|
|
133 |
|
Net cash used in operating activities |
|
|
(12,700 |
) |
|
|
(11,427 |
) |
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of
property and equipment, net |
|
|
(20,458 |
) |
|
|
(6,319 |
) |
Purchases of
short-term marketable securities |
|
|
(47,573 |
) |
|
|
(87,267 |
) |
Maturities
of short-term marketable securities |
|
|
101,314 |
|
|
|
104,800 |
|
Net cash provided by investing activities |
|
|
33,283 |
|
|
|
11,214 |
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from initial public offering |
|
|
281,750 |
|
|
|
- |
|
Payment of
underwriting discount and commissions and offering costs |
|
|
(20,609 |
) |
|
|
- |
|
Proceeds
from the exercise of stock options |
|
|
1,534 |
|
|
|
587 |
|
Proceeds
from the exercise of redeemable convertible preferred and common
stock warrants |
|
|
110 |
|
|
|
- |
|
Repayment of
notes payable |
|
|
(1,100 |
) |
|
|
(1,100 |
) |
Payment of
principal portion of finance lease liability |
|
|
(11 |
) |
|
|
- |
|
Net cash
provided by (used in) financing activities |
|
|
261,674 |
|
|
|
(513 |
) |
Net
increase (decrease) in cash, cash equivalents and restricted
cash |
|
|
282,257 |
|
|
|
(726 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
|
|
29,329 |
|
|
|
38,656 |
|
Cash, cash
equivalent and restricted cash at end of period |
|
$ |
311,586 |
|
|
$ |
37,930 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
|
49 |
|
|
|
133 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
|
|
|
Purchases of
property and equipment included in accounts payable and accrued
expenses |
|
|
6,615 |
|
|
|
2,790 |
|
Offering
costs included in accounts payable and accrued expenses |
|
|
713 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Select Metrics (As of Period
End)
|
|
March
31, |
|
|
December 31, |
|
|
September 30, |
|
|
June
30, |
|
|
March
31, |
|
|
December 31, |
|
|
September 30, |
|
|
June
30, |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
Members |
|
|
455,000 |
|
|
|
422,000 |
|
|
|
397,000 |
|
|
|
379,000 |
|
|
|
364,000 |
|
|
|
346,000 |
|
|
|
323,000 |
|
|
|
309,000 |
|
Offices |
|
|
92 |
|
|
|
83 |
|
|
|
77 |
|
|
|
71 |
|
|
|
71 |
|
|
|
71 |
|
|
|
70 |
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF LOSS FROM OPERATIONS TO
CARE MARGIN
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(in
thousands) |
|
Loss from operations |
|
$ |
(29,028 |
) |
|
$ |
(8,163 |
) |
Sales and marketing |
|
|
11,155 |
|
|
|
8,275 |
|
General and administrative |
|
|
39,866 |
|
|
|
22,419 |
|
Depreciation and amortization |
|
|
5,213 |
|
|
|
2,699 |
|
Care
margin |
|
$ |
27,206 |
|
|
$ |
25,230 |
|
Care margin
as a percentage of net revenue |
|
|
35 |
% |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET LOSS TO ADJUSTED
EBITDA
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
(in
thousands) |
|
Net loss |
|
$ |
(34,558 |
) |
|
$ |
(7,044 |
) |
Interest
income |
|
|
(1,035 |
) |
|
|
(1,347 |
) |
Interest
expense |
|
|
54 |
|
|
|
155 |
|
Depreciation
and amortization |
|
|
5,213 |
|
|
|
2,699 |
|
Stock-based
compensation |
|
|
10,325 |
|
|
|
2,954 |
|
Change in
fair value of redeemable convertible preferred |
|
|
6,560 |
|
|
|
63 |
|
stock
warrant liability |
Provision
for income taxes |
|
|
(49 |
) |
|
|
10 |
|
Adjusted EBITDA |
|
$ |
(13,490 |
) |
|
$ |
(2,510 |
) |
|
|
|
|
|
|
|
|
|
1Life Healthcare (NASDAQ:ONEM)
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